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Midwest Mortgage Capital is proud to offer you the
best mortgage rates for your first time home purchase,
refinance or second home.

VA Mortgages

What is a VA Loan?

The Department of Veterans Affairs established the VA Home Loan Guaranty program to assist eligible veterans in the purchase of a new home or the refinance of their current home. We are honored to participate in VA’s LAPP program, so we will approve your VA loan in-house. Several facts make VA home loans so attractive to our veterans:

· No minimum down payment requirements
· Low interest rates
· Very understanding credit underwriting
· No monthly mortgage insurance
· Seller concessions can be used to pay down borrower debt – up to 4% of sale price
· Borrow up to $ 1,094,625 with no downpayment*
· Borrow up to $1.5MM with a 10% downpayment*

Who is eligible for a VA home loan?

· Veterans
· Active duty personnel
· Reservists/National Guard members
· Surviving Spouses

Get detailed rules of eligibility and find out how to receive your Certificate of Eligibility.

What is a VA Funding Fee?

VA loans require a one-time Funding Fee for most borrowers that is based on the veteran's type of service, down payment, and whether on not the veteran has had a VA loan before. This Funding Fee is not an out-of-pocket cost – it gets financed into your loan. Those funds go to administering the VA home loan program, allowing the VA to continue providing low-interest rate loans at 100% financing for eligible veterans. See the chart below to determine your funding fee amount:

NOTE: If you have any service-connected disability or you are a military widow, then you are exempt from the VA Funding Fee described below.

Veteran Type	Down Payment	Percentage for first time use	Percentage for subsequent use
Regular Military	None	2.15%	3.3%
	5% or more	1.5%	1.5%
	10% or more	1.25%	1.25%
National Guard/Reserves	None	2.4%	3.3%
	5% or more	1.75%	1.75%
	10% or more	1.5%	1.5%

To learn more details and to get prequalified for a VA loan, please contact your local Midwest Mortgage Capital Mortgage Consultant or apply online.

* Additional restrictions may apply. Underwriting approval required for all programs.

Midwest Mortgage Capital is an independent mortgage lender and is not acting on behalf of HUD, Veterans Affairs, or the Federal Government.

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